Ann: NCZ GRANTED EXCLUSIVITY FOR POTENTIAL ACQUISITION OF GORO, page-17

Two worries for me. First, I would have preferred that they had got the Century operation to full and commercial production before they jumped at another project with is also clearly going to have potentially significant ramp up and operational issues to deal with. Second, the involvement of Macquarie is a real red flag for me. These guys are "pirates' and history with companies like Panoramic and Excelsior Gold, where they have provided finance, show that they invariably require a lot of hedging and put options for their funds - which they then have a habit of closing out, often early, to the detriment of the company involved. I would have been a lot more comfortable if funding (should they proceed with the acquisition) came from another source.

Not saying that this project does not have potential but clearly there have been past operational and performance issues and it is yet to be demonstrated that NCZ/IGO can do it any better than Vale. Time will tell and I hope that they do as I have a fair bit invested in this company.